Bitcoin crackdown uk

The Financial Conduct Authority FCA has launched a crackdown on cryptocurrency firms amid an explosion of interest from investors.

Ever since the bow tie-wearing, waistcoat-toting mavericks began to parade their anarchistic attempts to circumvent the established financial markets system by introducing various hair-brained digital currency schemes, there has been one catastrophe after another, ranging from fake exchanges stealing from depositors to illicit marketplaces being closed down by the US Department of Justice.

Ten years is a very long time, and certainly long enough for the general public to understand that a non-existent currency traded on a non-existent exchange is the equivalent to snake oil, only with massive self-imposed volatility and leverage, making the inevitable losses more significant than simple, old fashioned snake oil. It took a very long time.

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Long enough for some retail brokers to get themselves involved in trading cryptocurrency CFDs which in some cases cost them tens of millions of dollars in a short time. Surely by now, with the penny finally dropping at the FCA, the world would finally begin to understand that any digital currency is a fraud.

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Surely they mean that it is quite the opposite, and represents a welcome and long overdue step toward protecting the entire electronic trading and financial services sector in the United Kingdom along with its clients from crypto villains. Other key points raised by GDF include:. It is critical of the regulator for ignoring its own research findings and the overwhelming majority of responses to its consultation on the cryptoasset investment sector. It is percent physically backed by bitcoin, and for every unit of BTCE, there is bitcoin stored in regulated, institutional-grade custody.

Bitcoin, other cryptocurrencies tumble on government crackdown worries

Other regulators, notably the U. CFTC, has been safely overseeing regulated crypto derivatives markets for nearly three years with products that offer a reliable basis for valuation. These markets are accessible to retail as well as professional investors. Given the strong ties and coordination among global agencies, it is surprising a forward-looking regulator such as the FCA did not find itself able to adapt these safeguards to the U.

This is rather odd, and tenuous. It would be very likely that an approach by any retail investor in cryptocurrency-related assets would be met with a cold shoulder by the CFTC in the United States, and the CFTC has been one of the leading forces in banning the majority of crypto scams, including sending FBI agents to arrest perpetrators in countries outside the United States and repatriating them for trial.

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When the FCA launched its consultation it said it believed that retail consumers cannot reliably assess the value and risks of derivatives contracts for difference, futures and options and exchange-traded notes ETNs that reference certain cryptoassets. This is due to the inherent nature of the underlying assets, which have no reliable basis for valuation, the prevalence of market abuse and financial crime including cyber thefts from cryptoasset platforms in the secondary market for cryptoassets, extreme volatility in cryptoasset prices movements, inadequate understanding by retail consumers of cryptoassets and the lack of a clear investment need for investment products referencing them.

We would most certainly disagree with this. Virgin Money has also stepped in and banned people buying cryptocurrencies on credit cards. Gillian Guy, chief executive of charity Citizens Advice, agreed with the latest move from card issuers, saying that it "shows they recognise the risks of credit card customers running up debt they can't afford,".

FCA launches another crackdown on cryptocurrency firms - FinanceFeeds

Prime Minister Theresa May also said she believed action needed to be taken against cryptocurrencies "precisely because of the way they are used, particularly by criminals". The treasury has said that it plans to include bitcoin and other virtual currencies in current financial regulations which relate to money laundering and terrorism. Many American card issuers enacting similar bans.

JP Morgan, Bank of America and Citigroup have all taken the step to prevent further purchase on credit cards with the bans coming into place over the last few days. Finance One year on, some of the lockdown winners will surprise you 5 days, 17 hours ago.

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Bitcoin Continues to Plummet as Banks Crackdown on Cryptocurrencies

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Bitcoin crackdown uk
Bitcoin crackdown uk
Bitcoin crackdown uk
Bitcoin crackdown uk
Bitcoin crackdown uk
Bitcoin crackdown uk
Bitcoin crackdown uk
Bitcoin crackdown uk